Crude Oil and Yen Continue to Dominate the Market
July 10th, 2009 Posted in Daily Forex Overview
Name: Yan Petters
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After an extremely bearish session yesterday, the USD is rebounding. Currently the EUR/USD is reaching towards the 1.3900 level, and the GBP/USD is traded around the 1.6270 level.
The strongest instruments for today continue to be the Yen and Crude Oil. The JPY continues to show bullish activity against all the major currencies. Next possible support levels for USD/JPY are 149.80 and 148.60.
Crude Oil continues its freefall and currently a barrel of oil is traded for less than $60! It seems that the direction for today continues to be bearish, with the next support level located at the $57 level.
Leading publications for today:
• Canadian Employment Figures – 2 leading employment indicators are scheduled from the Canadian economy today at 11:00 GMT. Both the Employment Change and the Unemployment Rate are expected to show that the employment condition in Canada is getting worse. If the actual results will indeed be similar to forecasts, the Canadian Dollar is expected to drop against the other currencies.
• U.S Trade Balance, 12:30 GMT – The Trade Balance measures the difference between importing and exporting in the U.S during May. The expected result is -30.0B, which means that the importing value in May was higher by 30.0B from the exporting value. Such result, if indeed takes place, will mark the worse figures in 4 months, and has the potential to weaken the dollar once again today.
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Tags: Crude Oil, Employment Change, forex tips, Trade Balance
